Meituan Q4 Yoy 300mchina Morningpost
One of China’s biggest online-to-offline (O2O) service providers, Meituan, has released its financial figures for the fourth quarter of the 2020 fiscal year, which ends on December 31. The article claims that the business’s revenue increased by 45% year over year (YOY) to reach RMB 300 million (USD 44.5 million).
Due to Chinese customers’ quick adoption of digital services in 2020, the performance was remarkable. Food delivery services and other digital services saw a sharp increase in demand as a result of the pandemic’s requirement that people stay indoors. Meituan was able to capitalize on this shift by investing heavily in its technology, product, and marketing.
The remarkable performance is a result of Chinese customers’ quick embrace of digital services in 2020. The pandemic’s need that people stay inside increased demand for food delivery services and other digital services. Meituan made significant investments in its technology, product, and marketing in order to take advantage of this transformation.
Moreover, Meituan reported significant growth in its non-food delivery business, which increased by 21% YOY to RMB 68 million (USD 10.1 million). This was mostly brought on by the rise in popularity of its transportation and ride-hailing services. The company’s New Retail division, which comprises its grocery delivery and other digital services, also saw a 24% YoY increase to RMB 10 million (USD 1.5 million).
The gross merchandise value (GMV) for the company increased by 43% YoY to RMB 523 billion (USD 77.3 billion). The company’s entry into other industries, like travel, entertainment, and financial services, aided in this. The total number of active customers for the company climbed 40% year over year to 432 million.
Meituan’s financial results for the fourth quarter of 2020 were good overall. Revenue growth of the business of 45% Its core and non-core businesses, which achieved significant growth as a result of the rising demand for digital services in China, were the main drivers of YOY. The company’s development into other industries like travel, entertainment, and financial services also helped with this. The company’s GMV and total active users both experienced significant increase, which is evidence of its success in 2020.
In conclusion, Meituan’s financial results for Q4 2020 were remarkable. The increasing uptake of digital services by Chinese customers and the company’s expenditures in its technology, goods, and marketing drove a 45% YOY increase in the company’s sales to RMB 300 million (USD 44.5 million). Growth was also aided by the business’ entry into new industries, including travel, entertainment, and financial services. The company’s GMV and total active users both experienced significant increase, which is evidence of its success in 2020.
